The 10 Richest Cities in Maryland
The news is out…. If you fancy rubbing shoulders with Maryland’s elite, there are 10 cities in particular that will allow you to do just that.
While there’s plenty of places in Maryland that offer affordable housing, a reasonable salary, and a decent enough quality of life, there’s a clutch that offer jaw-dropping median incomes and house prices guaranteed to blow your budget, if not your mind.
If you’re eager to know more about the richest cities in Maryland, keep reading.
10. Bel Air
Some quick facts about Bel-Air: its median home value is $152,100; its unemployment rate is a tiny 1.3%; its median home value is $239,300; its median rent is $1,149; its crime rate is one of the lowest in Maryland; there’s a small but vibrant nightlife scene, along with plenty of places for the 10,139 strong population to spend their considerable median household income of $68,196.
The population of Hampstead is privy to some excellent amenities and facilities, a first-class school system, a low crime rate, an even lower unemployment rate of 5.3%, and almost non-existent poverty ( 4.1%). It’s also got an incredibility healthy median income of $78,157.
With so much going for it, it’s likely to come as little surprise to learn that residents can charge a premium for their property: $908 for rental properties, and $239,400 for a single-family home.
Move to Annapolis and you can expect some good stuff coming your way. As you’d expect of the state capital, it’s got all the amenities you’ll ever need, as well as a thriving theatre community scene, some excellent museums, and some exceptional parks (including the 340-acre Quiet Waters Park, which comes with everything from water access, a playground area, and six miles of paved trails, to an ice skating rink, and a dog beach).
It’s also got an exceptionally high standard of living, with local residents able to expect an average median income of $81,143.
A booming job market, a low unemployment rate of just 4.5%, a poverty rate of 9.0%, and a close-knit, friendly community make Walkersville an extremely attractive proposition… albeit an expensive one.
If you choose to make the city your next home, you can expect to pay over $100,000 more for a single-family home than you would if you were to move to a typically average US town ($287,500 to be exact). Rent, meanwhile, is likely to set you back $1307 ($358 above the average). On the plus side, you can expect to earn a very robust median income of $83,438. To every cloud…
6. La Plata
La Plata: the city where living is easy, and the house prices are astronomical. As House Snacks notes, expect to pay around $336,700 for a single-family home, and $1204 in rent.
On the plus side, you’ll probably be earning around $92,738 if you live in the area, which should be more than enough to let you keep up with your mortgage payments while still having plenty left over to spend at the numerous shops, bars, restaurants and cultural attractions of the well-equipped city center.
If a city gets an A+ rating from Niche, you know you’re dealing with a pretty extraordinary place. Part of the reason for its ranking is down to its position at the core of the Interstate 270 Technology Corridor, which keeps it richly supplied in jobs in the software, biotechnology, and government sectors.
As well as enjoying a booming job market, the city’s residents also have the luxury of various upscale shopping centers, a median income of $100,436, and a property market that allows them to fix a $498,200 price tag to their properties.
4. Chesapeake Beach
With a population of just 5930 residents, Chesapeake Beach in Calvert County, Maryland is the kind of place that offers enough by way of attractions and amenities to keep even the most demanding of local residents happy.
A water park, marinas, piers, charter boat fishing, and all the restaurants and bars you could wish for …with facilities like these, it’s understandable why the median household income is a stonking $313,600.
Fortunately, the residents are more than capable of keeping up with their mortgage payments thanks to a median household income of $102,679, a low unemployment rate of 7.3%, and an equally low poverty rate of 8.3%.
With a population of 58,290, the city of Bowie is one of the most desirable places to live in Maryland thanks to an excellent school system, a median household income that at $108,637 far outweighs the national average of almost exactly half that, excellent commuting access, and an abundance of leisure and recreational facilities.
Given its desirability, it’s little wonder that property is at a premium: if you have any designs on moving in, don’t expect to get much change from $315,900 for a single-family home, and $1871 for a rental property.
2. Mount Airy
Residents of Mount Airy can count themselves lucky. Not only does the city enjoy some first-rate restaurants, bars and shops, it also has access to some of the best schools in Maryland, a close-knit, family-friendly community, the kind of job market that can happily support a median household income of $112,955, and the kind of high desirability that allows residents to demand $361,500 for their homes.
Fancy living in the richest city in Maryland? Then make your way to Poolesville, where unemployment is just 4.9%, poverty is practically unheard of at 1.6%, and the job market is so buoyant local residents can easily demand an average salary of $154,107.
Just a word of warning before you start packing: as the figures from Niche show, house prices are very much in line with the overall cost of living in the city, so you can expect to pay around $397,800 for a single-family home, or $1851 in rent.
You can also read:
- The 10 Richest Cities in Virginia
- The 10 Richest Cities in Georgia
- The 10 Richest Cities in Arizona
- The 20 Richest Cities in Florida
- The 20 Richest Cities in Michigan